Consumer Math Basics

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What is consumer math?

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Consumer math is the application of mathematical concepts to real-world financial situations, such as budgeting, saving, and spending.

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CCSS.6.RP.A.3B

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What is sales tax?

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Sales tax is a percentage added to the price of goods and services, collected by the seller and paid to the government.

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CCSS.6.RP.A.3C

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How do you calculate the total cost including sales tax?

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Total Cost = Original Price + (Original Price x Sales Tax Rate).

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CCSS.6.RP.A.3C

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What is a mark-up?

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A mark-up is the amount added to the cost price of goods to cover overhead and profit.

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CCSS.6.RP.A.3B

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What is a tip?

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A tip is a small amount of money given to someone for their service, usually calculated as a percentage of the total bill.

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CCSS.6.RP.A.3C

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How do you calculate a tip?

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Tip = Total Bill x Tip Percentage.

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CCSS.7.RP.A.3

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What is the difference between selling price and cost price?

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The difference is known as profit or loss, depending on whether the selling price is higher or lower than the cost price.

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CCSS.6.RP.A.3B

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What is a discount?

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A discount is a reduction in the price of a product or service, often expressed as a percentage.

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CCSS.6.RP.A.3C

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How do you calculate the final price after a discount?

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Final Price = Original Price - (Original Price x Discount Rate).

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CCSS.6.RP.A.3C

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What is the formula for calculating percentage?

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Percentage = (Part / Whole) x 100.